A document generally received from the vendor which indicates a reduction in the amo (supports reductions in accounts payable) is a A. Credit memo 7) B. Credit adjustment memo C. Vendor invoice D. Debit memo 8) All of the following are business functions associated with the acquisition and paymen EXCEPT A. B. Billing customers C. D. Processing purchase orders Receiving goods and services Processing cash disbursements 9) You are the auditor of Stark, Inc. and you have been assigned to test the sales and co as part of your auditing responsibilities. Which of the following audit procedures wo most correct in determining the audit objective of COMPLETENESs? A. Examine a sample of customer orders to determine if each one has proper credit authorization Compare the date on a sample of shipping documents a few days before and aft sheet date with related sales journal transactions Trace a sample of shipping documents to the related sales transaction recorded Inquire of management whether there are notes from related parties included receivables 8. C. D. 10) Jon Snow, a staff accountant in the accounts payable department, has responsibilit vendor invoices for payment. An effective control is for Jon Snow to compare the d A. B. C. D. Purchase order, receiving report, and vendor's invoice Vendor's invoice and the receiving report Purchase requisition, purchase order, and receiving report Vendor's invoice and the purchase requisition 11) You are performing the audit of Lannister Corporation. Your tests of controls for a demonstrate that the controls are operating effectively. This would normally allo A. Increase the need for substantive testing of balances for accounts payable Reduce control tests in other transactions cycles B. Eliminate the need for substantive testing of balances for accounts payable C. D. Reduce the need for substantive testing of balances for accounts payable 12) Identify the balance related audit objective satisfied by the following audit proce ist of aged accounts receivable, foot and cross-foot the list, and trace the total t ledger A. Existence B. Detail Tie-In C. Rights D. Cut-of A document generally received from the vendor which indicates a reduction in the amo (supports reductions in accounts payable) is a A. Credit memo 7) B. Credit adjustment memo C. Vendor invoice D. Debit memo 8) All of the following are business functions associated with the acquisition and paymen EXCEPT A. B. Billing customers C. D. Processing purchase orders Receiving goods and services Processing cash disbursements 9) You are the auditor of Stark, Inc. and you have been assigned to test the sales and co as part of your auditing responsibilities. Which of the following audit procedures wo most correct in determining the audit objective of COMPLETENESs? A. Examine a sample of customer orders to determine if each one has proper credit authorization Compare the date on a sample of shipping documents a few days before and aft sheet date with related sales journal transactions Trace a sample of shipping documents to the related sales transaction recorded Inquire of management whether there are notes from related parties included receivables 8. C. D. 10) Jon Snow, a staff accountant in the accounts payable department, has responsibilit vendor invoices for payment. An effective control is for Jon Snow to compare the d A. B. C. D. Purchase order, receiving report, and vendor's invoice Vendor's invoice and the receiving report Purchase requisition, purchase order, and receiving report Vendor's invoice and the purchase requisition 11) You are performing the audit of Lannister Corporation. Your tests of controls for a demonstrate that the controls are operating effectively. This would normally allo A. Increase the need for substantive testing of balances for accounts payable Reduce control tests in other transactions cycles B. Eliminate the need for substantive testing of balances for accounts payable C. D. Reduce the need for substantive testing of balances for accounts payable 12) Identify the balance related audit objective satisfied by the following audit proce ist of aged accounts receivable, foot and cross-foot the list, and trace the total t ledger A. Existence B. Detail Tie-In C. Rights D. Cut-of